Six U.S. senators have demanded solutions from Meta CEO Mark Zuckerberg about how his firm is dealing with cryptocurrency scams on its social media platforms, together with Facebook, Instagram, and Whatsapp. “We are concerned that Meta provides a breeding ground for cryptocurrency fraud that causes significant harm to consumers,” the lawmakers wrote.
Senators Want Answers From Mark Zuckerberg and Meta Platforms
U.S. Senators Robert Menendez, Sherrod Brown, Elizabeth Warren, Dianne Feinstein, Bernard Sanders, and Cory A. Booker collectively despatched a letter on Thursday to Mark Zuckerberg, chairman and CEO of Meta, about his firm’s “efforts to combat cryptocurrency scams on its social media platforms, including Facebook, Instagram, and Whatsapp.”
Citing “recent reports of scams on other social media platforms and apps,” together with knowledge from the Federal Trade Commission (FTC), the senators wrote:
We are involved that Meta gives a breeding floor for cryptocurrency fraud that causes important hurt to shoppers.
“While crypto scams are prevalent across social media, several of Meta’s sites are particularly popular hunting grounds for scammers,” the letter describes. “Among consumers who reported being scammed out of cryptocurrency on a social media website, 32% identified the scam as having originated on Instagram, 26% on Facebook, and 9% on Whatsapp.”
The lawmakers requested Zuckerberg seven questions regarding Meta’s present insurance policies pertaining to cryptocurrency scams. They request that the Meta CEO responds with detailed info by Oct. 24.
For every of Meta’s social media platforms, the questions embrace how the corporate finds and removes crypto scammers, educates and warns customers about crypto scams, and assists victims of fraudulent crypto schemes. The senators additionally requested how Meta verifies that crypto adverts usually are not scams and what regulatory licenses are required to promote on its platforms. Moreover, they requested to what extent Meta collaborates with regulation enforcement to trace down scammers.
U.S. authorities have been warning that scammers are more and more utilizing social media to defraud traders. In August, the U.S. Securities and Exchange Commission (SEC) warned traders of fraudsters exploiting their worry of lacking out (FOMO) on social media.
Have you come throughout any scams on Meta’s platforms, together with Facebook, Instagram, and Whatsapp? Let us know within the feedback part under.
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